In the construction and renovation of commercial and residential buildings as well as in various manufacturing operations, it is often necessary to perform repeated drilling and driving operations. For example, a hole is drilled into a wall or ceiling surface and then a screw or other type of fastener is driven into the drilled hole. U.S. patent application Ser. No. 10/902,732, filed Jul. 29, 2004, entitled Reversible Drill and Drive Tool, assigned to Alltrade Tools LLC, and U.S. Pat. Nos. 4,512,693 and 4,676,703 are illustrative of tools that can be attached to a power drill to allow this drill to both drill a hole and drive in a screw or another type of fastener.